Tenneco committed to strong balance sheet, reaches leverage goal

By Jennifer Lanning Drey

Savannah, Ga., March 1 - Tenneco Inc. remains committed to maintaining a strong balance sheet after reaching its long-standing goal of achieving a net debt to EBITDA ratio below 2 times mid-cycle, Kenneth Trammell, Tenneco's chief financial officer, said during a Tuesday presentation at the JPMorgan Global High Yield & Leveraged Conference in Miami.

The company achieved the goal with a ratio of 1.9 times at year-end 2010, he said.

The ratio was down from 3.1 times at the end of 2009.

Tenneco is a Lake Forest, Ill.-based designer, manufacturer and marketer of emission-control and ride-control products and systems for the automotive original equipment market and the aftermarket.

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